10 Nov 2009 19:21

FFMS registers Rosgosstrakh

MOSCOW. Nov 10 (Interfax) - The Federal Financial Markets Service (FFMS) registered Rosgosstrakh's additional share issue totaling 786.147 million rubles on November 10, the FFMS said in a press release.

A total of 19.654 billion supplementary shares will be offered in the private placement (registration number 1-03-10003-Z-004D).

Rosgosstrakh vice president for marketing, Gennady Dikalov, said only 75% of the issue would be placed, since the state is not participating. The shares will be sold at the market price, to be determined by an independent appraiser. "The market price is currently 1.97 rubles per share," Dikalov said.

The company's charter capital currently equals 649.067 million rubles. That will rise 90% to 1.238 billion rubles post-placement.

It was reported earlier that the supplementary issue would be placed among the non-state shareholders. The state's stake of 25% plus four shares will be diluted and is slated to be sold next year. The private shareholders have said they would buy the state's stake.

They acquired the right to increase their stake after Rossgosstrakh was removed from the list of strategic companies in a decree signed by President Dmitry Medvedev. That decree lowered the floor on the size of the state's stake in Rosgosstrakh to 13.1%, but also included the possibility of invoking the right to a golden share.

RGS Capital, which is owned by Danil Khachaturov and his younger brother Sergei, owns 75% minus four shares. In May 2009, the Federal Antimonopoly Service approved an application from Cyprus-based RGS Asset Limited to acquire 99.8% in RGS Capital.